Oceanic Iron Ore (CVE:FEO) Trading 34% Higher – Should You Buy?

Oceanic Iron Ore Corp. (CVE:FEO) traded up 34% on Saturday . The company traded as high as C$0.35 and last traded at C$0.34. 850,047 shares traded hands during mid-day trading, an increase of 686% from the average session volume of 108,122 shares. The stock had previously closed at C$0.25.

Oceanic Iron Ore Stock Performance

The company has a 50-day simple moving average of C$0.21 and a two-hundred day simple moving average of C$0.19. The company has a quick ratio of 0.43, a current ratio of 0.03 and a debt-to-equity ratio of 15.79. The firm has a market cap of C$36.88 million, a PE ratio of -16.75 and a beta of 0.99.

Insiders Place Their Bets

In other news, insider Frank Giustra sold 1,629,500 shares of the firm’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of C$0.21, for a total value of C$342,520.90. Insiders have sold a total of 1,749,949 shares of company stock worth $368,344 in the last three months. 107.26% of the stock is owned by company insiders.

About Oceanic Iron Ore

Oceanic Iron Ore Corp., an exploration stage company, acquires and explores for iron ore properties in Quebec, Canada. It holds a 100% interest in the Ungava Bay iron property comprising three project areas, including Hopes Advance, Morgan Lake, and Roberts Lake, which covers an area of approximately 35,999 hectares of iron formation located in Nunavik, Quebec.